In MarketWatch, Paul McGinnis blesses the concept of a downward mobility lifestyle - that is, for those mid-career or beyond want to experiment with other professional options.
That is based on his advice to try out an alternative as a side hustle, instead of hanging up the day job or current type of self-employment. He provides the example of moving to a smaller house which can save $500 a month. That can help fund the whatever is necessary to get a new show on the road.
Sometimes an alternate career path is necessary, not an item on a wish list.
For example, I coached a lawyer who lost his license in that field. As he explores other possibilities, he has embraced "minimalism." Instead of the big house near water, he bunks in a rental in a rural area. His wife has stuck with him and doesn't balk about the downsizing.
But, downward mobility isn't always possible, at least not immediately.
In some real estate markets, the house can't sell and the owners have had bad experiences with renting. For example, with GE uprooting from Connecticut, some parts of the market have gone dead. Those miserable in their careers wouldn't accomplish much in downsizing as long as they have to shoulder the mortgage and huge CT property taxes.
Also, some need to glide in slowly to a downward mobility lifestyle. To have access to other kinds of work rather than law a client knows she has to relocate from the wildly expensive New York Metro area. She recognizes she's not ready to do that. So she is reducing expenses gradually through shopping for clothes at consignment stores and sticking with the old car.
In 2003, when I experienced the dark night of the career soul, I took a vow of poverty. For instance, I seek out rentals which only consume a bit over a-fourth of my income and take day trips instead of vacations which require ponying up money for a hotel.
As a result, twice I have been able to reconfigure my lines of business. That entailed passing up income from the former lines of business in order to build the new ones.
Why career shifts matter is because many of us will be working for income into our 70s, 80s, and maybe even beyond. The Federal Reserve Board found that about a third of those who retire wind up returning to the work force or starting up a business. There's even a term for that: reverse retirement.
Another motivation is to shake off being invisible. In developed economies, a human being's worth is determined by productiveness. Those who are not working often are perceived as without worth.
Work is more important than age per se in avoiding being sidelined socially. And what one is working at can put in play the law of attraction versus an upscale lifestyle. Interesting work is a platform for putting together a power network.
Contact Jane Genova email@example.com.
“Over-50: Outsmarting Your Comfort Zone” https://over-50.typepad.com/over-50/2018/05/outsmarting-your-comfort-zone-free-book.html
“Over-50: The Four Monsters in the Mind” https://over-50.typepad.com/over-50/2018/04/ageism-bites-.html